| If you are behind on your mortgage loan payments, | | | | * Proof of your monthly gross household income, |
| there are several options available that can help | | | | such as recent pay stubs |
| prevent you from losing your home. In fact, if you | | | | * The most recent income tax return |
| qualify for the Making Home Affordable Modification | | | | * Statements showing the value of your savings and |
| Program (HAMP), you may be able to modify or | | | | other assets |
| refinance your mortgage in order to make your | | | | * Your monthly mortgage statement |
| monthly payments more affordable. But, what does | | | | * If applicable, information about your second |
| it take to qualify for this program and what type of | | | | mortgage or any home equity lines of credit you |
| documentation do you need to provide your loan | | | | may have |
| servicer in order to take advantage of this program? | | | | * The balances and minimum monthly payments due |
| Qualifying for the Making Home Affordable | | | | on your credit cards |
| Modification Program | | | | * The balance and monthly payments on any other |
| In order to qualify for the Making Home Affordable | | | | debt you may have, such as student loans or car |
| Modification Program (HAMP), you need to meet the | | | | loans |
| following criteria: | | | | * A Hardship Affidavit describing the circumstances |
| * The home is your primary residence | | | | that caused a reduction in your income or an increase |
| * You owe less than $729,750 on the mortgage | | | | in your expenses |
| * You obtained the mortgage before January 1, 2009 | | | | Exploring Other Government Programs |
| * Your mortgage payment, which include principal, | | | | If you don't qualify for the HAMP program or you |
| taxes, interest, homeowner's association dues and | | | | are more interested in refinancing your home |
| insurance, is more than 31% of your gross income | | | | mortgage loan, but you are afraid you won't qualify |
| * You are unable to pay your mortgage payment | | | | for refinancing because your home has lost value, |
| due to a financial hardship, such as that which is | | | | you might want to see if you qualify for the Home |
| caused through job loss or from accumulating | | | | Affordable Refinance Program (HARP) or the HOPE |
| excessive medical bills | | | | for Homeowners (H4H) program. |
| If you believe you meet all of these criteria, you | | | | The bottom line is that there are many programs out |
| should contact your loan servicer and see about | | | | there to assist those who have handled their |
| being placed in the program. | | | | mortgage loans responsibly, but who have found |
| Providing the Right Documentation the Making Home | | | | themselves in a difficult financial situation. Whether |
| Affordable Modification Program | | | | you were a victim of the recession or you have |
| In order to participate in the Making Home Affordable | | | | experienced other personal difficulties that have |
| Modification Program (HAMP), you will need to | | | | made it difficult if not impossible to pay your |
| provide the documentation necessary to prove your | | | | mortgage loan payments, you are certain to find a |
| situation. Some of the documentation that may be | | | | program to help you get back on your feet and |
| necessary includes: | | | | recover as well as possible. |